November 2004/2

Liability claims costs the world-over are on the rise, according to the latest Sigma report from Swiss Re.

Rating agency Standard & Poor's has raised its Lloyd's Syndicate Assessment (LSA) on Chaucer Syndicate 1084 to '3' from '3-'.

Independent broker BMS International Intermediaries Ltd revealed last month that it had bolstered their marine reinsurance operations with the capture of a four-strong team from Arthur J Gallagher UK Ltd.

Faced by a softening product market, US retail brokers are increasingly turning to aggressive acquisition strategies to achieve revenue and profit goals, according to the latest report from investment banking firm WFG Capital Advisors.

Rating agency AM Best has affirmed the “A-” (Excellent) financial strength rating of Olympus Re, and removed the rating from under review. In addition it assigned an issuer credit rating of "a-" to the (re)insurer, assigning both ratings a stable outlook.

Hurricane Jeanne, the final major hurricane of the 2004 season to hit the State of Florida is expected to cost property/casualty insurers in the region of $3.245bn, according to the latest estimate from ISO’s Property Claim Services (PCS) unit.

Freshfields audit takes a new twist after senior UK broker suspended for allegedly receiving unauthorised commissions

Eliot Spitzer gave further indication last week that he is looking for Marsh to disgorge a significant proportion of its Placement Service Agreement revenues as settlement for the civil action filed against the broker on 14 October.

Companies rarely volunteer to forego a lucrative proportion of their revenue streams but that is exactly what the industry’s international brokers have been doing in the wake of Spitzer’s allegations of price-fixing at Marsh.

Guy Carpenter has appointed Bill Henriques from embattled reinsurer Converium as a senior vice-president in its Professional Liability Specialty Practice.

Zurich Financial Services (ZFS) has confirmed the sale of the UK branch of Turegum Insurance Company to Harper Holdings, a wholly-owned subsidiary of Castlewood Holdings Limited.

Rating agency AM Best has affirmed the "A" (Excellent) financial strength rating of Aspen Re and assigned an issuer credit rating (ICR) of “a” to the company. In addition, AM Best affirmed the “bbb” ICR of Aspen Re parent, Aspen Insurance Holdings, along